OverviewIncreasingly, companies looking to gain operational efficiencies and improve their bottom line are turning to processes such as accounts payable (AP) as prime candidates for modernisation. Traditional paper-based invoice processing is associated with high costs, limited visibility, and lengthy turnaround time that ultimately impede business progress and profitability.
Accounts Payable Automation Solution allows businesses to eliminate the manual pains of traditional AP invoice processing thanks to intelligent capture, touchless processing and electronic workflow capabilities. The Solution combines Fuji Xerox’s cultivated solution-building and other consultation know-how pertaining to document management with Esker’s cloud-based solution, to help improve overall operational efficiency by linking up the full document lifecycle from application, billing, approval to storage with various accounting management systems.
When using manual methods to process invoices, the AP department’s ability to achieve its main goals are often hampered by several main obstacles, which include:
|Processing delays.Manual routing, processing and signoff procedures can lead to missed vendor discounts, late payment penalties, and even strain supplier relationships.|
|Reduced accuracy. Errors, such as double invoice booking and payment, misplaced/lost invoices, and lack of standard processes for payment signoff and vendor management, directly impact working capital and compliance.|
|No visibility. Limited process visibility and control makes it harder to assess AP operations, optimise the use of company cash, and develop strategies for improvement.|
|High costs. Excess paper, transportation and physical archiving expenses cost companies money. Processing errors require resolution which can also drive up the cost per invoice.|
Difficult data retrieval. From audits to vendor inquiries, finding information quickly can be virtually impossible when invoices are stored and retrieved using manual methods.
“Esker just works. It has an app, it has delegation of authority, it has complete visibility. I can log-in with my phone and find any invoice, see where it is in the process, and even approve it, in seconds.”
- Oliver O’Neill, Grouop CFO Ruralco
Greater Processing Speed and Accuracy
An end-to-end automation solution removes the error-prone and time-consuming manual steps of keying-in, review- ing, coding, and approving AP invoices. Purchase order (PO) and non-PO invoice posting are automated and fully auditable. Not only does this improve staff productivity, it speeds up processing time while preventing costly errors such as duplicate payments.
Workflow Efficiency at Every Stage
Regardless of format, scanned or e-invoices are entered into an automated workflow whereby Esker’s intelligent image recognition technology accurately extracts data for verification. The invoice is then dispatched for approval and automatically archived for anytime availability.
Improved Oversight and Visibility
Dashboards provide users with readily available data needed to perform their daily tasks, monitor performances, and spot problems or opportunities as soon as they arise. A complete audit trail of every point within the process also ensures peace of mind.
External ERP Workflow
Web-based AP workflow outside of the ERP/business system has many advantages, including: better business continuity, anytime access, non-ERP user approval capability, easier training and user acceptance, and simplified setup of shared services centres.
Mobile Invoice Approval
Esker’s mobile invoice approval app equips managers with on-the-road accessibility to review and approve supplier invoices — anytime, anywhere. The app is available 24/7 from Apple or Android devices.
Improved Supplier Relationships
As part of Esker’s Accounts Payable automation solution, a convenient online portal gives suppliers self-service access to payment information, helping them get paid quicker and reduce costs, while saving your company time and money previously allocated to responding to invoice status calls.
Fuji Xerox offers businesses an easy-to-deploy solution using our methodology, according to their unique needs. As all of the functionality is built into a single, collaborative platform, solutions can be implemented quickly with minimal upfront costs and without disrupting current processes.
Requiring nothing more than an Internet connection and web browser (i.e., no additional hardware, software or maintenance investments), our offering is specifically designed to help customers avoid lengthy deployment cycles.
The solutions are implemented using Fuji Xerox methodology and Change Management practices. The collaborative and phased approach allows users to get hands-on solution experience early and at incremental stages while also being more receptive to procedural changes once the solution is in place.
Key Benefits of Automation
Based on Esker customer results, typical benefits achieved by organisations using Esker’s Accounts Payable automation solution include:
- Up to 65% faster AP invoice processing speeds
- Data entry accuracy rates of over 99%
- Return on investment realised in 3-6 months 40-60% lower purchase-to-pay costs
- 100% visibility into every invoice with KPI dashboards for monitoring and reporting
- Improved supplier relationships and increased supplier self-service via a convenient online portal
- Elimination of duplicate payments
- Support for shared services centre initiatives
- File Size:
- 3.13 MB
- Document Type:
- Portable Document Format